Connor Clark & Lunn Investment Management Ltd. Buys Shares of 982,011 Remitly Global, Inc. $RELY

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 982,011 shares of the financial services provider’s stock, valued at approximately $22,007,000.

Other hedge funds have also made changes to their positions in the company. Compass Financial Management LLC purchased a new position in shares of Remitly Global in the second quarter valued at approximately $82,000. Ieq Capital LLC purchased a new stake in Remitly Global during the 2nd quarter worth approximately $4,799,000. Keebeck Wealth Management purchased a new stake in Remitly Global during the 2nd quarter worth approximately $624,000. Green Alpha Advisors LLC acquired a new stake in Remitly Global during the 2nd quarter worth approximately $223,000. Finally, Allworth Financial LP acquired a new stake in Remitly Global during the 2nd quarter worth approximately $109,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Down 1.4%

Shares of Remitly Global stock opened at $26.22 on Wednesday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The company has a market capitalization of $5.55 billion, a P/E ratio of 18.86 and a beta of 0.34. The company has a 50 day moving average of $23.68 and a 200 day moving average of $20.11.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. During the same period in the prior year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 33,600 shares of Remitly Global stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $21.03, for a total value of $706,608.00. Following the sale, the director directly owned 3,424,244 shares of the company’s stock, valued at $72,011,851.32. This trade represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 490,096 shares of company stock worth $11,711,588. 6.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wolfe Research boosted their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. KeyCorp increased their price objective on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $27.78.

Remitly Global Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.